Despite the Covid-19 pandemic and the resultant challenging
operating environment, the investment institution leveraged on increased efficiency
to deliver an impressive 61 per cent year-on-year growth in profit before tax
to N7.95 billion compared with N4.95 billion at the end of 2019; while profit
after tax stood at N7.81 billion, showing an increase of 57 per cent above the
N4.97 billion it closed in 2019.
United Capital also recorded a 50 percent year-on-year
growth in gross earnings to close at N12.87 billion in December 2020, compared
to N8.59 billion recorded in the similar period of 2019.
On account of a significant 54 per cent increase in
investment in financial assets, United capital’s total assets also rose by 48
per cent to N224.75 billion in the period under review, compared to N150.46
billion recorded at the end of the 2019 financial year; while shareholders’
funds grew to N24.43 billion rising by 25 per cent from 19.59 billion a year
earlier.
On the back of the strong performance, the Directors of
United Capital have proposed a dividend of 70k per share, amounting to a total
of N4.2 billion dividend to be paid upon ratification by shareholders at its
forthcoming AGM. The 70k dividend per share, which is higher than the 50k per
share declared in 2019, is payable to shareholders whose names appear on the
Register of Members at the close of business on March 5, 2021.
The Group Chief Executive Officer, United Capital Plc, Mr.
Peter Ashade, expressed delight on the performance, which according to him is
cheering news despite the challenges that most companies faced in the year
2020.
He said, “I am pleased to inform all stakeholders that
United Capital delivered impressive returns amid the unprecedented environment
worsened by the pandemic during the 2020 financial year with remarkable
double-digit growth in Revenue, PBT and PAT and solid performance across key
business parameters.
“This empowers us to adopt a more positive outlook for the
year 2021 as we navigate the tough terrain compounded by a second wave of the
COVID-19 pandemic among other severe economic challenges,” Ashade noted.
Speaking on its plan for the 2021 financial year, Ashade
said, “Despite the tough operating environment, all stakeholder groups can be
assured of our commitment to providing best-in-class solutions to diverse
client segments and delivering superior returns to shareholders even as we work
with regulatory authorities to strengthen the broader financial system as the
domestic economy continues on the path to recovery in the year 2021.”
United Capital Plc is a leading Pan-African financial and
investment services group, with a mission to provide bespoke and innovative
value-added services to its client. The group aims to transform the African
continent by providing innovative and creative investment banking solutions to
governments, companies, and individuals
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